Dutch GAAP Deciphered for Foreigners

The thousands of foreign accountants and financial professionals who encounter Dutch GAAP have no choice. They must delve into these Dutch reporting standards. But for these internationally trained accountants and controllers, this local regulatory system often presents a complex puzzle, especially since study materials are primarily available in Dutch. Stefan Betting’s course on Dutch GAAP helps them navigate through Dutch accounting rules.

The demand for Dutch GAAP knowledge among non-Dutch speaking professionals has increased significantly in recent years. This is due to various factors, including the influx of foreign financial professionals into the Dutch labor market. “Every year, between 2,000 and 3,000 new finance employees from abroad join the workforce in the Netherlands,” says Stefan Betting, founder of education and advisory firm PROFEDA with over 30 years of experience in (inter)national external reporting. He provides a course on Dutch GAAP for this target group on behalf of Sijthoff Accountants Academy.

“I focus on people from Eastern European countries, Poland, Romania, the Czech Republic, and, increasingly, from South Africa. People who have completed good financial education and often became accountants. These internationally trained professionals often bring strong knowledge of IFRS but lack specific insights into Dutch GAAP. And not all of them speak Dutch well enough, making it difficult for them to study Dutch reporting regulations.”

Essential Knowledge
Knowledge of Dutch GAAP is essential for accountants and controllers working in the Netherlands. First, because many Dutch companies are required to report according to Dutch GAAP rules. But also, many international companies that report according to IFRS or US GAAP at the group level in their consolidated financial statements must adhere to Dutch GAAP for their Dutch subsidiaries and the statutory financial statements of the parent company, according to Betting.

“Think about trust offices and international service providers with branches in the Netherlands. Moreover, Dutch GAAP directly impacts the career opportunities of international professionals in the Netherlands: “Without thorough knowledge of local standards, they find it difficult to advance in roles where financial reporting is central. By acquiring this knowledge, they can significantly increase their value to Dutch employers.”

Interactive Sessions
All these are reasons for Betting to offer an English-language course on Dutch GAAP, making it easier for them to bridge their knowledge gap. The course consists of three interactive sessions in which Betting covers the most important “ins and outs” of Dutch GAAP.

The foundation of the course is formed by an explanation of the legal requirements. Questions addressed include: “What is the structure of Dutch laws and regulations? When should you apply which rule? What publication deadlines and formats apply?” This legal basis is anchored in Title 9 of Book 2 of the Dutch Civil Code (BW 2 Title 9). Additionally, the Guidelines for Annual Reporting (RJ) play a crucial role. These guidelines, issued by the Dutch Accounting Standards Board, provide detailed interpretations and application guidelines for the legal provisions. There are even separate guidelines for different sizes of companies, such as micro and small entities (RJk) versus medium and large entities (RJ). Betting also addresses these aspects.

Furthermore, Betting devotes considerable attention in his training to the major differences between Dutch GAAP and IFRS. “Although Dutch GAAP and IFRS may seem comparable at first glance, there are significant differences that can have a major impact on financial reporting.”

An important difference concerns, for example, the valuation of assets: “Under IFRS, the ‘revaluation model’ is broadly applicable to various categories of assets, while Dutch GAAP is more focused on the cost model and pays less attention to the current value of assets. Revaluation is generally more restricted under Dutch GAAP.”

Another crucial difference is the treatment of goodwill after acquisitions. Under Dutch GAAP, systematic amortization of goodwill is mandatory over the expected economic life, usually using a period of 10 years, while IFRS does not systematically amortize goodwill but requires an annual impairment test. For mergers and acquisitions, Dutch GAAP uses the ‘pooling of interests’ method in certain cases, where the income statements of the merging companies are simply added together. This approach is no longer permitted under IFRS: IFRS requires the ‘acquisition method,’ whereby the acquiring party must value the assets and liabilities of the acquired party at their fair value on the acquisition date.

In short: people with IFRS knowledge cannot apply this to Dutch GAAP situations. At least not without specific additional training.

Moreover, Dutch GAAP is not static. Like other reporting systems, it is regularly updated to reflect new economic realities and insights. Recent important developments include, for example, the adjustments related to the Future of Pensions Act and the implementation of the Corporate Sustainability Reporting Directive (CSRD) and the proposed changes contained in Omnibus 1 and 2. Additionally, there are changes regarding the valuation of cryptocurrencies, the updating of the chapter on financial instruments, and the processing of taxes under Pillar 2. “In 2024, no fewer than 22 new RJ publications were issued, followed by even more in 2025,” says Betting.

During the course, he also addresses the most recent changes, ensuring participants get an up-to-date picture. This often gives them an advantage over native speakers!

Meet Stefan Betting
“The three E’s – Education, Emotion, and Entertainment – are at the heart of all my training sessions. I’m only satisfied when all three are present.”

Drs. Stefan N. Betting RA is a dedicated educator at heart. He has over 20 years of experience in providing training and education in the field of (inter)national financial reporting, including Dutch GAAP, IFRS, and US GAAP. His areas of expertise also include Integrated Reporting and sustainability reporting.

Since 2000, Stefan has delivered more than 200 training sessions annually, sharing his knowledge with a wide range of reputable organizations, including Alex van Groningen, Sijthoff Accountants Academy, the IIA, and the VRC. He has also been affiliated with Nyenrode Business University since 2000, where he serves as a core group member, lecturer, and examiner. Discover his expertise and courses (in Dutch).

For Alex van Groningen and Sijthoff Accountants Academy, Stefan Betting provides two practical online GAAP trainings. Learn more and register today:
✔ Online training | Annual reporting in the Netherlands
✔ Online training | Update US GAAP